Meanwhile, at the corporate level, BP had been organized as a complex matrix, with geographic and stream (exploration and production, refining and marketing, and chemicals) dimensions, large central staffs, and heavy centralization of authority. A shift in corporate organizational design beginning in 1990 then moved significant decision power from headquarters to the streams. Beginning in 1992, in the context of a corporate financial crisis that saw BP on the verge of bankruptcy, Browne in turn radically redesigned his part of the business. He eliminated the regional structure in the upstream, as well as most of the managerial center that set direction and oversaw operations. Decision rights were reallocated between an extremely lean Executive Committee consisting of Browne and two other senior leaders and the managers of individual production units or “assets.” (The typical asset was a single oil field.) The asset managers were empowered to determine how they would deliver performance against negotiated contracts, which initially specified targets for costs, capital expenditures, and volumes, and rewards were linked strongly to the performance of the individual assets. Meanwhile, the centralized functional staffs were largely dispersed to the assets. The objective was to increase performance by empowering those closest to the relevant information to act upon it and motivating them to do so, and the size of the individual assets meant that there was significant payoff from efforts aimed at improving performance at the asset level. Employing this basic organization design resulted in a great improvement in performance from the outset.